But one more aspect played a key role in further depressing the number—the deflator, which normalized in H1 after being significantly low in FY24.
The deflator is a comprehensive measure of inflation in the economy. It's an index constituted with WPI and CPI inflation figures, broadly in the ratio of 65:35, and is then compared with the previous year's index to get the growth figure.
According to analysts, the July-September growth figure, which was about 100 basis points (bps) lower than market expectations, was also a direct consequence of a high deflator, at 2.25 (year-on-year growth in %) for Q2; and in Q1FY25, it was close to 2.
This story is from the December 09, 2024 edition of Financial Express Mumbai.
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This story is from the December 09, 2024 edition of Financial Express Mumbai.
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